Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-01-15-Speech-4-040"
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"en.20040115.2.4-040"2
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"Madam President, ladies and gentlemen, the main conclusion of Mrs Kauppi’s report is undoubtedly the recognition that the rules governing mutual assistance in the field of taxation must be subject to the legal basis enshrined in Article 95 of the Treaty.
In so doing, the institutional balance enshrined in this Treaty will be maintained, as will, more importantly, Parliament’s own prerogatives. Consequently, administrative cooperation does not affect material tax law, which means that it will no longer be required to be subject to the legal bases of Articles 93 and 94. What is crucial, however, is the fight against tax evasion, essential if the single market is to work well, which brings this under the remit of Article 95. I therefore endorse the Commission’s proposal.
As regards the Purvis report, which deals with defining EU rules for personal investments and covers an enormous range of financial products, it appears to be absolutely essential to plug the current gap in the legislation. Indeed, the absence of clear rules regarding such investments has led to their being domiciled off-shore. This clearly damages the EU as a whole and leads to greater risks for more vulnerable investors. Various Member States are preparing to draw up their own legal regimes for hosting this kind of investment. It is therefore absolutely essential to attempt to harmonise and coordinate such regimes forthwith, subordinating them to the greater European interest.
It should be remembered that we are speaking about innovative investment products offering highly attractive benefits, which means that they will be welcomed and encouraged by the market. Parliament has already looked into the problem of financial derivatives, highlighting the important role they currently play in capital markets, but, more importantly, spelling out the advantages and the risks involved. It therefore appears that the rapporteur is absolutely right that it is of crucial importance that we develop a regulatory regime that acts as an incentive to investors as regards hedge funds. He is also right to point out that legal uncertainty makes it very difficult to make use of derivatives markets in Member States.
The rapporteur also suggests that the lack of regulation of certain varieties of derivative, such as ‘over-the-counter’ derivatives, represents a serious threat to the markets and especially to finance companies that are increasingly using this type of investment. The amendments tabled by the Group of the Party of European Socialists, addressing these very concerns, represent a significant improvement to the draft text, by guaranteeing greater insurance against the inherent risk in such investment practice, especially by making it compulsory to pass on more detailed and more accurate information to investors. For all of these reasons, the reports by Mrs Kauppi and Mr Purvis before us today, along with the amendments by the Group of the Party of European Socialists, must be approved by this House."@en1
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